The Indian Government has developed an online gateway for budding students to follow their higher education without restrictions of funds. The Pradhan Mantri Vidya Lakshmi Karyakram was developed in August 2015. This eases the burden of institution fees and the hefty education loan process which are obstacles that students come across.
Vidyalakshmi loan portal
This online portal helps students to discover, associate, and sign up for Vidyalakshmi education loans. Developed under the direction of the Department of Financial Services, Department of Higher Education, and Indian Banks Association, 37 recorded banks, and 126 educational loan schemes are available on this platform for students to explore.
Key Features of the VidyaLakshmi site
This one-stop window allows students to assess, apply, and tab education loans and scholarships.
- Student access to information regarding 126 education loans from 37 registered banks.
- In order to apply in one click the (CELAF), Common Education Loan Application Form is available.
- With a common application form, applications for a loan from up to 3 banks can be applied by the students.
- The loan process can be completed from home through the online portal.
- Students can compare various loan schemes and make an informed decision on this window.
- Loan applications can be tracked as the banks update their loan processing status directly on the portal.
- Students can opine their questions related to education loan to the bank through this medium.
- Government Scholarships can be applied for and there is a direct link to navigate through the National Scholarship Portal.
Education loan application through VidyaLakshmi
Online application for education loans on VidyaLakshmi Portal, is extremely simple
- A login ID and password need to be created.
- A verification link is sent to the email inbox.
- After verification, the portal enables the student to log in.
- Based on the student’s need, eligibility and convenience a student can navigate different options.
- All banks universally accept a single form, (CELAF) The Common Education Loan Application Form is approved by IBA (Indian Banks Association
The Vidyalakshmi Dashboard
The dashboard displays eight orange labels:
- Form for loan application
- Status of application
- Option to edit student profile
- Loan scheme application and options
- Password change
How to Search for an education loan
- On the website, click on the tab ‘Search and Apply for loan Scheme’.
- Once redirected all the schemes of the registered banks shall appear.
- Filter the schemes as per the requirements, e.g.: location of the course, loan amount, etc.
- A list of comprehensive schemes with options to apply will open.
- For detailed information on a particular scheme, just click on it.
- A maximum of 3 banks and just one scheme of that bank can be applied to.
Filling-up the education loan form on the VidyaLakshmi portal:
After deciding on the loan scheme, click on the ‘Loan Application Form’.
- In Seven sections information is mandatory
- Personal data
- Relationship with the bank
- Course details
- Total course expenditure
- Particulars of securities offered – compulsory if the loan is above 4 lakhs.
- Job Prospects after course completion.
- Additional documents
- The session times out after 15 minutes therefore all scanned copies of documents are to be kept handy.
- Please ‘save’ or ‘submit’ on each and every tab.
- After filling up the form, choose the best scheme for yourself.
- Post application, the status of the loan can be checked by clicking on ‘Application Status’.
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Sometimes the application is withheld if more information or documents are required. This shall be displayed on the dashboard too.
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Points to remember:
- Read the guidelines thoroughly. No changes can be made, after the submission of the application.
- Check the dashboard and the registered email address regularly.
- Make sure to respond within the specified time. Or else the loan is considered ‘closed’.
- A loan amount lesser than or equal to INR 7.5 lakhs, reply within 15 days. For a loan sum above INR 7.5 lakhs, revert within 30 days.
If you find the loan process cumbersome and confusing, you can get in touch with an expert education loan counselor of GyanDhan. GyanDhan helps students in getting abroad education loans from government banks, private banks, and NBFCs. Contact GyanDhan, understand your loan options, and apply for the one that suits you the most!visit here tamilmv